RBC lures $600M advisory team from Wells Fargo
RBC has been on a hot recruiting streak lately. Its latest grab from Wells Fargo Advisors marks the second time RBC has poached talent from the wirehouse in recent weeks.
The Troy, Caiaze & Reed Wealth Planning Counselors team managed $600 million in assets at Wells Fargo, according to an RBC statement announcing the move.
The team consists of senior vice president Joseph Troy, who joins RBC with 35 years of experience. Robert Caiaze, also senior vice president, brings 22 years of experience to the team.
Adam Reed has 12 years of experience and James McNair has 24 years of industry experience. Both will serve as vice president, according to the statement.
Client associate Bonnie Feinstein will also join the team. They’ll be working out of RBC's new office in Farmington, Connecticut.
In its latest recruiting tear, RBC recently added advisors from several firms including an advisor managing $200 million in assets from Wells Fargo. The firm also lured a $250 million advisor from UBS and a $180 million advisor from Morgan Stanley.
The addition of the Dominello Investment Group comes as the brokerage continues a hot recruiting streak.October 30
The group was drawn to RBC based on its reputation and leadership team, as well as its size and scale. The options it could provide to the team's high-net-worth clients are also appealing, according to the statement.
Wells Fargo had no comment.
RBC has been trying to hire the team for over a year, says Pat Vaughn, director of the Private Client Group’s East division.
“They’re extremely experienced as a business and have a great book to go along with it,” Vaughn says. “They’re pretty much what everybody is looking for. Quality advisors with a solid client base that is taking the wealth management approach. In today’s world, it’s a little tougher to do the transactional business. They certainly suit our expansion plans.”
Referencing the recent developments concerning the Broker Protocol, Vaughn says RBC has no plans to slow down its recruiting push.
“We had a tremendous growth in advisor recruitment,” Vaughn says. “Net new assets were through the roof last year, so we’re looking to continue that trajectory upwards. Advisors who want to grow their business can do that without some of the handcuffs and impediment that are associated with the larger firms.”